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Małkowska, Agnieszka, and Małgorzata Uhruska. "Factors affecting SMEs growth: the case of the real estate valuation service industry." Oeconomia Copernicana 13, no. 1 (March 30, 2022): 79–108. http://dx.doi.org/10.24136/oc.2022.003.
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Research background: Based on the literature, several ways of assessing the conduct of business and a number of factors influencing the growth and development of the companies can be identified. However, the diversity of business entities and their business environment raises the importance of considering the unique nature of the industry in the selection of performance measures. Our research focuses on real estate valuation firms that provide information and consulting services to real estate markets. Purpose of the article: As professional practice shows, there are different business models for property valuation. These businesses differ in their organisational and legal form and the type of valuations performed, the type of client served, or the scope of services provided. The main purpose of the research is to identify factors that significantly affect the development odds of valuation companies in Poland, especially the growth of income. Methods: The study was based on data collected from the survey of Polish real estate valuers. The analysis was conducted on a sample of 277 professionals who own valuation companies and were certified no later than the end of 2014. A quantitative analysis using a logistic regression model was conducted to identify the factors that influence the prospects for valuation business growth. Findings & value added: The research confirms the relationship between the way of conducting real estate valuation activities and its development chances. The most important factors are a spatial and substantive range of services, cooperation and employment, and clients' profile. Demographic characteristics were also found to be significant. Although the results presented here are based on data from the real estate valuation industry, their relevance is much broader. The findings provide a better understanding of the factors that influence the performance and success of SMEs, particularly in the information and consulting industry.
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Jung, Sung Chul, and Woo Jin Shin. "Willingness-to-pay Estimation of Real Estate Brokerage Service Using Contingent Valuation Method." Korea Real Estate Institute 32, no. 4 (December 31, 2022): 47–61. http://dx.doi.org/10.35136/krer.32.4.4.
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Consumers, real estate agents, and real estate platforms are in conflict as the burden of brokerage fees increases due to the increase in housing costs and the expansion of proptech services. This study focuses on resolving conflicts among parties of real estate transactions, and especially analyzes how consumers evaluate the value of brokerage fees incurred when using brokerage services and direct brokerage services, a core field of prop-tech. The research method employed the virtual valuation method, which is commonly used to measure the value of non-market goods such as difficult-to-measure goods and services. As an empirical measurement technique, the double bounded dichotomous choice question model was utilized in this case. A survey was used to collect analysis data and divided into five types to increase the validity of the research results. In addition, the secured sample was able to estimate the willingness to pay for real estate brokerage services using the logit model, a quantitative analysis model to measure the value and acceptability of such services. The analysis results revealed that the estimated willingness to pay for brokerage fees was 2,581,370 won for sales and 970,185 won for lease transactions.
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Akinola, Wasiu Adedamola, Joseph Oyewale Oyedeji, and Toyin Funmilayo Faturoti. "ASSESSMENT OF ICT USAGE IN ESTATE SURVEYING AND VALUATION PRACTICE IN NIGERIA." International Journal of Property Sciences 11, no. 1 (August 30, 2021): 71–85. http://dx.doi.org/10.22452/ijps.vol11no1.5.
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To operate in a dynamic environment, the success of real estate companies’ hinges, to a large extent, on their ability to deliver innovative, user-accepted products and services in a timely, seamless manner. The need for Information and Communication Technology (ICT) for secure, safe, and adequately serviced estate surveying and valuation practice is very pertinent to the profession. Therefore, this study assessed the level of usage of ICT in estate surveying and valuation practice in the study area with the view of improving real estate service delivery in Lagos Island, Nigeria. Data were gathered through a survey conducted with registered estate firms in Lagos Island, Nigeria. The data from the responses that were gathered were analysed using descriptive statistics and Relative Importance Index (RII) ranking. Findings revealed that the majority of the respondents are adopting ICT in carrying out their estate surveying and valuation practice. In addition, the results of the study established a positive correlation between improving estate surveying practice and the adoption of ICT. Furthermore, the findings also revealed the level of conversant with the use of real estate software has the highest RII while Artificial Intelligence software has the lowest RII. The study concluded that it is without a doubt that the degree of application of ICT in real estate has been very significant, but there are still barriers that limit its application within the sector. The study recommends that the estate surveyors & valuers in academia who are responsible for coaching core departmental courses include ICT into several aspects of the curriculum.
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Arcuri, Natale, Manuela De Ruggiero, Francesca Salvo, and Raffaele Zinno. "Automated Valuation Methods through the Cost Approach in a BIM and GIS Integration Framework for Smart City Appraisals." Sustainability 12, no. 18 (September 13, 2020): 7546. http://dx.doi.org/10.3390/su12187546.
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The principle behind sustainable city movements is represented by the idea of “good living”, which is the possibility of having solutions and services that allow citizens to live in an easy, simple, and enjoyable way. Policies for urban quality play a central role in the slow cities manifesto, often suggesting the use of Information and Communication Technologies (ITC) in the development of interactive services for citizens. Among these, an interesting possibility is to offer citizens digital real estate consultancy services through the implementation of automated evaluation methods. An automated appraisal action—which is already complex in itself owing to the need to collect data in a consistent, standardized, but also differentiated way so as to require the adoption of real estate due diligence—collides on the operational level with the concrete difficulty of acquiring necessary data, much more so since the reference market is dark, atypical, and viscous. These operational difficulties are deepened by the epistemological nature of the appraisal discipline itself, which bases its methodology on the forecast postulate, recalling the need to objectify as much as possible the evaluation from the perspective of an intersubjective sharing argument. These circumstances have led, on the one hand, to the definition of internationally accepted uniform evaluation rules (IVS, 2017) and, on the other, to the testing of automated valuation methods aimed at returning computer-based appraisals (AVM). Starting from the awareness that real estate valuation refers essentially to information and georeferences, this paper aims to demonstrate how real estate appraisal analysis can be further improved through information technology (IT), directing real estate valuation towards objectivity in compliance with international valuation standards. Particularly, the paper intends to show the potential of combining geographic information systems (GISs) and building information models (BIMs) in automated valuation methods through the depreciated reproduction cost. The paper also proposes a BIM-GIS semi-automatic prototype based on the depreciated reconstruction cost through an experimentation in Rende (Italy).
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Azmi, Ahmad Shazrin Mohamed, Abdul Hadi Nawawi, Siti Nur Farhana Ab Latif, and Nur Lesya Firsya Johaimi Ling. "Knowledge Management Obstacles in Real Estate (Valuation) Organisations: Towards Quality Property Services." Procedia - Social and Behavioral Sciences 202 (August 2015): 159–68. http://dx.doi.org/10.1016/j.sbspro.2015.08.219.
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Sternik, Sergey, Ilnur Gareev, and Timur Akhmetgaliev. "Development of a digital service for real estate transactions." Real estate: economics, management, no. 1 (May 17, 2021): 25–34. http://dx.doi.org/10.22337/2073-8412-2021-1-25-34.
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The majority of present-day aggregators of the Russian real estate market fail to meet modern requirements and trends. Currently, the information support of real estate valuation activities is generally assigned to individual values, rather than the valuation community as a whole. The absence, insufficiency, unreliability of the market information makes it difficult to determine the cadastral value of the properties as well fulfill the requirements prescribed by the existing methodological recommendations. The main problem in developing digital platforms is that the value of the digital platform proposition can only be adequately assessed by the platform developer, while the complexity of creating a quality digital platform may exceed the benefits for the developer. In this regard, we set a goal to analyze the aggregators of the real estate market in terms of the shortcomings, whose systematization is to lay the basis for a consolidated real estate market database of Russian Federation. In this article, selected digital platforms were analyzed with regards to meeting specified criteria using a multi-criterial rating system. The results of the study represent the necessary criteria, conclusions concerning compliance with certain criteria based on the analysis of classifieds, as well as recommendations for the use of innovative technologies to ensure the most advanced operation of real estate market aggregators. In addition, several forms of information exchange between market players and viable solutions to common problems are suggested. A method of developing a consolidated real estate market database was developed. It is based on innovative information technologies and the actionable way of implementing software solutions designated for automation and structuring of real estate data.
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Oloke, Olayinka Clement, Nelson Ayodeji Akindele, and Omoniyi O. Olagunju. "Supply Chain Management in Real Estate Practices: The Estate Surveyor and Valuers’ Perspective." International Journal of Real Estate Studies 15, no. 2 (December 31, 2021): 75–82. http://dx.doi.org/10.11113/intrest.v15n2.91.
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Real estate practice is a strategic and multi-faceted vocation that connects the clients/owners of real estate projects or products with end users in the building industry. Different aspects of real estate practices require collaboration of real estate practitioners who are professional estate surveyors and valuers, with the built environment professionals and other stakeholders at different levels in order to achieve the transaction objectives. This study, therefore, examined the practice with a view to uncovering the preparedness of the estate surveyors and valuers with respect to the knowledge and application of supply chain management in real estate practices. Empirical data were collected with the aide of questionnaires administered to respondents from the 373 estate firms in Lagos State, Nigeria of which 291 were duly completed and returned constituting 78% rate of response. The Readiness Assessment Model was adapted to determine the operational preparedness of the estate surveying and valuation firms to implement supply chain management with regards to management readiness, employee readiness, services/processes readiness and logistic/ICT readiness on a 5-point Likert scale and the corresponding mean score and relative importance was determined. The Kolmogorov Smirnov Test of Normality was performed and showed that the data was normally distributed. Hence, the Pearson Product Moment Correlation analysis was used to determine the relationship between knowledge and application of supply chain management in real estate businesses. It was observed, among others, that the knowledge of supply chain management is generally low among estate valuers and does not necessarily translate to application in the property market transactions of real estate firms. The study further observed that management and employees of estate surveying and valuation firms do not have adequate knowledge of the principles and practices of supply chain management for productive engagement in property market transactions. This was further identified alongside others such as confidentiality, stiff rivalry and economic instability as critical factors resisting the adoption of supply chain management in the property market. The study therefore suggested capacity building programmes on supply chain management for the estate surveyors and valuers to improve the knowledge of the strategy and harness the benefits.
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Kazak, Jan, Jarosław Malczyk, David Garcia Castro, and Szymon Szewrański. "Carbon Sequestration in Forest Valuation." Real Estate Management and Valuation 24, no. 1 (March 1, 2016): 76–86. http://dx.doi.org/10.1515/remav-2016-0007.
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Abstract Strong links between the condition of the environment and the economy have recently resulted in a number of actions aiming to implement environmental considerations in economic calculations. This is accompanied by the development of the concept of ecosystem services, characterizing the benefits that the environment provides humankind with. The identification of these services is reflected in their economic values. Hence, the concept of the valuation of ecosystem services. Therefore, if the service provided by the environment takes on a financial value, we can consider it as income from the property containing the analyzed ecosystem. Of course, in order to speak in practice of the income approach in the valuation of such properties, there must be actual financial flow as income for the real estate owner. However, in the era of big economic changes and the implementation of a number of financial instruments (e.g., subsidies for a particular use of property, trade of CO2 emission rights), it seems reasonable to consider the possibility of property valuation by the valuation of ecosystem services. A part of this research focused on a service of forest ecosystems service that is carbon sequestration. The selection was made due to the implementation of the climate policy at the European level and its association with the trade of CO2 emission rights. The analyses were performed for two test sites characterized by different determinants (composition of species in the tree stand, age of the stand, degree of compactness of the tree stand, etc.). The low level of difficulty of the test methods used enables non-experts (persons with no qualifications in forestry) to carry out valuations themselves. The research is a contribution to the debate on the possibility of accounting for carbon sequestration in forest property valuation based on the income approach, but the issue still requires clarification of certain elements.
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HUBARIEVA, Iryna. "Problems of improving real estate tax in Ukraine in the context of world experience." Naukovi pratsi NDFI 2021, no. 1 (June 24, 2021): 22–35. http://dx.doi.org/10.33763/npndfi2021.01.022.
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The purpose of the article is to reveal the peculiarities of real estate taxation of individuals in the countries of the world and to develop recommendations for its improvement in Ukraine. The features of taxation of real estate of individuals in the USA, Germany, Sweden, Poland, Bulgaria, Italy, France, Great Britain, Lithuania and others are presented. The advantages and disadvantages of taxation of real estate of individuals in the countries of the world are identified. Attention is focused on methods for determining the cadastral / assessed value of real estate for taxation. The necessity of reforming the system of taxation of real estate of individuals in Ukraine has been proved. The introduction of a cost approach to the appraisal of real estate in Ukraine requires a number of sequential actions: centralization of management and maintenance of the real estate cadastre in one state governing body; development of regulatory support for the creation and operation of the State cadastre of real estate, the mechanism and methods of state cadastral valuation; inventory of real estate objects with the assignment of a cadastral number; formation of the system of the State cadastre of real estate. The approaches to the establishment of tax exemptions on real estate of individuals in the countries of the world and in Ukraine have been investigated. In Ukraine, the basis for taxation of real estate of individuals should be the cadastral / assessed value of real estate with its gradual approach to the market value. The introduction of a cost approach to the appraisal of real estate in Ukraine requires: centralization of competences in one state governing body; development of regulatory support for the creation and functioning of the State cadastre of real estate, the mechanism and methods of state cadastral valuation; inventory of real estate objects with the assignment of a cadastral number; formation of the system of the State cadastre of real estate; taking into account the experience in the formation of the Land Cadastre, it is necessary to ensure the transparency of the tax on real estate of individuals through digitalization of tax services and administration processes (obtaining in electronic form a certificate of the cadastral / estimated value of property by cadastral number or postal address, paying tax for the Electronic Cabinet, having access to information on the procedure for calculating tax on each property, tax rates, the availability of benefits, debts, payment history, etc.). When levying a tax on real estate, it is necessary to assess feasibility of applying tax incentives in terms of differentiating the standard of living of the population in Ukraine in order to protect socially unprotected segments of the population. Property tax benefits for individuals should be linked to the cadastral / assessed value of the property by establishing a non-taxable minimum amount of the assessed value of the property and apply to only one residential property where the owner permanently resides.
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Cheng Lim, Lay, Alastair Adair, Stanley McGreal, and James Webb. "Strategic management and operations of real estate valuation service providers in Hong Kong." Journal of Property Investment & Finance 24, no. 4 (July 2006): 343–62. http://dx.doi.org/10.1108/14635780610674525.
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Oladokun, Sunday Olarinre, and Manya Mainza Mooya. "Pricing of property valuation services in Lagos Nigeria." Property Management 38, no. 1 (October 31, 2019): 82–108. http://dx.doi.org/10.1108/pm-04-2019-0024.
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Purpose The pricing of professional service has been identified as one of the factors influencing the quality of service and willingness of clients to pay. However, the issue of service pricing is hardly seen as an object of discourse in real estate literature, especially among valuation studies, as it is obtainable in other fields. In Nigeria, it has become the practice for some sets of clients, especially financial institutions, to fix valuers’ remuneration based on the fact that these clients have market advantage. This practice and some other issues around pricing of valuers’ services have been going on for some years with little or no research insights from academics. The purpose of this paper is to examine the pricing system of valuation services within the Lagos property market with the aim of providing information to better valuation practice. Design/methodology/approach This study assumes an interpretive paradigm and adopts a qualitative research approach. In-depth semi-structured interviews were conducted with 24 registered valuers practising within the Lagos property market. Snowballing sampling technique was employed in selecting the registered valuers who were active in the practice of valuation in the study area. Data collected were analysed using thematic analysis with the aid of NVivo 12 software. Findings This study finds that the pricing system for valuation services in the study area can be broadly categorised under “negotiation” and “fixed rate” systems while the use of the “professional scale of charges” is more or less non-existent. The study also reveals various forms by which these systems are practised, and issues associated with them as well as the effects they have on valuation practice. The study further reveals the factors responsible for the continuous striving of the present pricing system which includes valuers’ inability to enforce the professional scale, competition in the market, buyers’ market syndrome, the game of numbers and the banks’ strategy to protect their customers. The authors also found that the low pricing of valuation service poses challenges to valuation practice and encourages unprofessional conducts that affect the quality of valuation output. The study also provides, albeit limited, an evidence of the relationship between valuation fee and quality of valuation. Research limitations/implications This study is limited to Lagos property market and only the practising valuers. Insights from other major cities and stakeholders in service pricing like clients and regulatory authority may produce more insightful results. Originality/value This study provides important insights into valuers’ experience in the area of service pricing and how this affects the delivery of professional services. It also serves as the research blueprint in giving research attention to the service pricing in property valuation practice.
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Veuger, Jan. "Trust in a viable real estate economy with disruption and blockchain." Facilities 36, no. 1/2 (February 5, 2018): 103–20. http://dx.doi.org/10.1108/f-11-2017-0106.
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Purpose The real estate world finds itself at a tipping point of a transition: a dramatic and irreversible shift in (real estate) systems in society. This paper is a State of the art of Disruption, Blockchain and Real Estate in the Netherlands and international. Design/methodology/approach The following questions were asked to all those involved: What do you think is the essence of Blockchain for real estate? What is the most current situation with respect to Blockchain and real estate from your perspective? Which publications are important from your perspective? What do you expect with respect to the impact of Blockchain on real estate for (social) real estate? What are questions for the future for real estate and Blockchain? In addition, interviews, exploratory conversations and correspondence took place, and the content was peer reviewed. Findings Changes in value concepts affect the valuation of real estate and the thinking about it. The orientation of changing users and owners of real estate affects innovativeness, values and flexibility in managing that property. Orientation on disruption must be seen as proof that the real estate world is able to actually innovate the accumulated assets and consolidate this. The financial and real estate markets are markets that exaggerate through irrational behaviour. Fear of “eat or be eaten” determines people’s behaviour. Financial and thus real estate markets are always unstable and must always be regulated by people and organizations. Research limitations/implications The question that remains is whether it is important to look at disruptive innovations in existing markets or newcomers in the real estate market and Blockchain. The question is whether Blockchain is only a technological disruption, or a real game changer, and whether the entire value chain of the real estate market will embrace it. No two disruptions are the same. Trust in Blockchain is a prerequisite for guiding the predictable form of that disruption where start-up companies use new technology to offer cheaper and inferior alternatives to real estate in the market. You could also talk about anti-fragile value: “Some things benefit from shocks; they thrive and grow when exposed to volatility, randomness, disorder, and stressors and love adventure, risk, and uncertainty. Yet, in spite of the ubiquity of the phenomenon, there is no word for the exact opposite of fragile. Let us call it antifragile” (Taleb, 2012), in other words: attention to disruption and Blockchain creates a viable real estate economy. Practical implications The true meaning of the Blockchain technology for real estate still needs to be investigated. The author is still curious to understand and clarify the value of Blockchain for real estate processes. Doubt continues to exist and is therefore a feeding ground for further research, because we do not know what we have not seen. Social implications Looking at the impact of Blockchain on real estate, a number of conclusions can be drawn. First of all, the relationship between Blockchain and real estate has not yet been proven in practice. It is expected to develop further in the form of registering transaction processes and the DNA passport of a real estate object. Secondly, completeness and transparency are the basic ingredients for trust in the system. Third, real estate wants to remain viable. For this reason, taking the offense is necessary for real estate and management to connect with social demand. Behaviour also leads to new earnings models of the social and economic spin-off of disruptive real estate. If the Dutch real estate sector embraces Blockchain and is able to realize innovations, there are opportunities for real estate entrepreneurs to exploit the disruptive character to provide those new services. Originality/value The way in which disruption, Blockchain and real estate will develop in the coming years are not the only obvious characteristics of a particular era but also its social impact and user behaviour. This also applies to how this real estate transition can best be tracked, guided and utilized in society at the international, national and regional level. Disruptive organizations clearly respond to the viability of the (built) environment and therefore determine competitive strength. This affects the current and future valuation of real estate.
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Elshamy, Mostafa, Husain Y. Alyousef, and Jassem Al-Mudhaf. "Is Comprehensive Income Superior To Net Income In Equity Valuation? Evidence From The Capital Market Of Kuwait." Journal of Applied Business Research (JABR) 35, no. 4 (July 1, 2019): 97–108. http://dx.doi.org/10.19030/jabr.v35i4.10304.
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The study examines whether comprehensive income numbers reported under International Financial Reporting Standards (IFRS) have value relevance over net income in equity valuation. We use a sample of firms that are listed in Kuwait Stock Exchange from banking, investment, real estate, industrial, basic materials, telecommunications, consumer services, oil & gas and health care sectors during the years 2012-2015.The study applies a methodology used by Collins, Maydew and Weiss (1997) that is based on Ohlson (1995) equity valuation model and Theil (1971) technique to measure and compare the relative and the incremental explanatory power of comprehensive income and net income. The study provides evidence that comprehensive income is not superior to net income in equity valuation. Reporting other comprehensive income gains and losses as elements of the income statement produces a measure of earnings that decreases the explanatory power of the valuation model; decreases the incremental information content of earnings. Other comprehensive income gains and losses when added as an explanatory variable to the valuation model did not enhance significantly its explanatory power.The results we obtained supports the current requirement by the IFRS and US GAAP of deferring other comprehensive gains and losses and contributes to the literature on the value relevance of other comprehensive income gains and losses in emerging capital markets.
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Oloke, O. C., O. A. Odetunmbi, and S. A. Akinwumi. "An examination of the level of engagement of modern portfolio techniques for portfolio management by real estate firms in Lagos State, Nigeria." IOP Conference Series: Earth and Environmental Science 993, no. 1 (March 1, 2022): 012005. http://dx.doi.org/10.1088/1755-1315/993/1/012005.
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Abstract Portfolio management in real estate practices was examined in this study with a view to ascertaining the techniques engaged in carrying out the risk and return analysis as well as the evaluating portfolio performance in the firm. Questionnaires were administered to respondents from 208 estate surveying and valuation firms in Ikeja, Lagos Island, Ikoyi and Victoria Island, Lagos State.Response rate achieved was 86.5%. Basic descriptive tools of percentage, weighted mean, relative importance index were used to analyse the data.The study found that the number of firms that offer portfolio management services is rather low compared to other areas of services.Results further showed that the firms ranked discounted cashflow and contemporary growth models higher than the modern portfolio techniques for asset return assessment whereas simulation and modern portfolio tools ranked higher among the techniques for risk assessment. Finally, the results showed that most firms make use of contemporary growth models, benchmark, style or market comparison to evaluate the performance of the portfolio. The study therefore suggests that estate firms embark on staff capacity development for effective application of modern portfolio theory techniques and making the service widespread among practicing firms.
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Simas, Tarciso Binoti, Sônia Azevedo Le Cocq de Oliveira, and Ana Belén Cano-Hila. "Tourismophobia or touristification? An analysis of the impacts of tourism in Poblenou, Barcelona." Ambiente Construído 21, no. 3 (September 2021): 117–31. http://dx.doi.org/10.1590/s1678-86212021000300541.
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Abstract Barcelona has been investing strategically in its infrastructures and in a new image to attract investments and tourists, especially from the Olympic project. The transformation impacts in favour of tourism, real estate and entertainment businesses have sparked a recent debate about tourismophobia and touristification. Taking this into account, this article aims to discuss the main impacts of tourism gentrification in Poblenou, Barcelona. This research analyses real estate valuation, the evolution of services in tourism and their conflicts in Poblenou considering a mixture of quantitative and qualitative data collected by bibliographic and documentary sources, spot observations and interviews conducted with the population involved. Despite the complexity that this topic involves, this analysis of tourism impacts in Poblenou contributes by bringing more clarity to this controversial discussion about tourismophobia and touristification. It is important to understand that, despite the positive impacts for the economy in terms of generating income and jobs, there are negative impacts, such as the increase in the cost of living, residents´ decrease in quality of life and the exodus of part of its population.
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Małkowska, Agnieszka, Mateusz Tomal, Małgorzata Uhruska, Justyna Pawlak, Gunther Maier, and Alina Nichiforeanu. "THE IMPACT OF JOB SATISFACTION ON VALUERS’ ATTITUDES TOWARDS PROFESSIONAL ETHICS." International Journal of Strategic Property Management 25, no. 6 (November 4, 2021): 497–513. http://dx.doi.org/10.3846/ijspm.2021.15768.
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Professional ethics is one of the two pillars of the valuer’s business practice, alongside expert knowledge. Ethical principles are usually formulated within a code of professional ethics which valuers are obliged to follow. The approach to professional ethics is a complex problem and it is conditioned by several factors. In our study, we pose the question whether higher professional satisfaction of real estate valuers translates into more ethical attitudes regarding work-related dilemmas. We conducted research on property valuation services in two European markets: Austria and Poland. Data for the analysis was drawn from 176 surveys in which valuers were asked to respond to hypothetical work situations corresponding to the principles of the real estate valuer’s code. The results obtained using the ordinary least squares (OLS) and two-stage last squares (2SLS) regression methods allow us to conclude that higher job satisfaction positively impacts valuers’ ethical attitudes. The segment of the market served is also an important driver. Valuers who mainly work for property developers show a significantly lower level of ethical attitudes. The influence of the country on professional ethics is ambiguous.
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Yalcin, G., and H. B. Ates. "EXPERIENCES ON LICENSED OFFICES OF SURVEYING AND CADASTRE (LOSC) IN ADANA, TURKEY." ISPRS - International Archives of the Photogrammetry, Remote Sensing and Spatial Information Sciences XLII-2/W1 (October 26, 2016): 25–30. http://dx.doi.org/10.5194/isprs-archives-xlii-2-w1-25-2016.
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Modern cadastre means to integrate the registration of the real estates with the data of the other related activities such as taxation, mortgage, valuation, land-use, land cover,..etc. In Turkey cadastral technical activities were carried out by General Directorate of Land Registry and Cadastre until 2005. But then cadastre sustainment services were transferred to private sector according to “Law on Cadastre” technical parts of initial cadastre and according to the Law on “Licensed Engineers of Surveying and Cadastre and Offices”. In this article services of Licensed Offices of Surveying and Cadastre (LOSCs) are presented and the experiences in Adana are shared.
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Nam, Tran Van, Nguyen Thi Nhu Quynh, Dinh Tran Ngoc Huy, Pham Duc Chung, and Tran Vu Nhat Ha. "Trademark Valuation According to Laws and Regulations in Vietnam." Jurnal Cita Hukum 10, no. 1 (April 30, 2022): 15–30. http://dx.doi.org/10.15408/jch.v10i1.25809.
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Pricing and valuation may be confusingly interchangeable in various industries from manufacturing to commerce etc.. However, they are in fact different. Pricing can be simply understood as a process whereby the price is set by a seller or by an agreement between a seller and a buyer. On contrary, valuation analysis is normally conducted by experts. So, trademark valuation is a process whereby a trademark value is determined by means of diligent research, unbiased judgment, and some pretty simple arithmetic. In this study, we point out the drawbacks and obstacles in pricing in trademark transfer in our country in comparison with other countries/regions and then we will suggest some measures to improve the regime for pricing in trademark transfer in Vietnam. Authors also present Some Basic Concepts Related to Pricing And Valuation Of Trademark and valuation methods. Authors also use a construction case of LICOGI (general company in construction and infrastructure in Vietnam) as reference for pricing issues. Last but not least, in this study we could resolve some controversial issues in trademark pricing and transfer in various companies from production, manufacturing to construction, real estate and commerce sectors in developing countries such as Vietnam, at least from definitions, concepts and legal framework.Keywords: Intellectual Property Assets; Trademark Pricing Services; Law; Valuation Method; Vietnam Penilaian Merek Dagang Menurut Undang-Undang dan Peraturan di Vietnam Abstrak Penetapan harga dan penilaian mungkin membingungkan dan dapat dipertukarkan di berbagai industri mulai dari manufaktur hingga perdagangan, dll. Namun, sebenarnya keduanya berbeda. Penetapan harga secara sederhana dapat dipahami sebagai proses di mana harga ditetapkan oleh penjual atau dengan kesepakatan antara penjual dan pembeli. Sebaliknya, analisis penilaian biasanya dilakukan oleh para ahli. Jadi, penilaian merek dagang adalah proses di mana nilai merek dagang ditentukan melalui penelitian yang rajin, penilaian yang tidak bias, dan beberapa aritmatika yang cukup sederhana. Dalam studi ini, kami menunjukkan kelemahan dan hambatan dalam penetapan harga dalam transfer merek dagang di negara kami dibandingkan dengan negara/kawasan lain dan kemudian kami akan menyarankan beberapa langkah untuk meningkatkan rezim penetapan harga dalam transfer merek dagang di Vietnam. Penulis juga menyajikan Beberapa Konsep Dasar Terkait Penetapan Harga Dan Penilaian Merek Dagang dan metode penilaian. Penulis juga menggunakan kasus konstruksi LICOGI (perusahaan umum dalam konstruksi dan infrastruktur di Vietnam) sebagai referensi untuk masalah harga. Last but not least, dalam penelitian ini kita dapat menyelesaikan beberapa masalah kontroversial dalam penetapan harga dan transfer merek dagang di berbagai perusahaan mulai dari produksi, manufaktur hingga konstruksi, real estat dan sektor perdagangan di negara-negara berkembang seperti Vietnam, setidaknya dari definisi, konsep dan kerangka hukum. .Kata kunci: Aset Kekayaan Intelektual; Layanan Penetapan Harga Merek Dagang; Hukum; Metode Penilaian; VietnamОценка товарного знака в соответствии с законами и правилами Вьетнама АннотацияЦенообразование и оценка могут быть ошибочно взаимозаменяемы в различных отраслях, от производства до торговли, и т. д. Однако на самом деле это разные понятия. Ценообразование может быть просто понято как процесс, посредством которого цена устанавливается продавцом или соглашением между продавцом и покупателем. Напротив, оценочный анализ обычно проводится экспертами. Таким образом, оценка товарного знака — это процесс, в ходе которого стоимость товарного знака определяется посредством тщательного исследования, беспристрастного суждения и некоторых довольно простых арифметических действий. В этом исследовании мы указываем на недостатки и препятствия в ценообразовании при передаче товарных знаков в нашей стране по сравнению с другими странами/регионами, а затем предлагаем некоторые меры по улучшению режима ценообразования при передаче товарных знаков во Вьетнаме. Авторы также представляют некоторые основные концепции, связанные с ценообразованием и оценкой товарных знаков, и методы оценки. Авторы также используют случай строительства LICOGI (генеральная компания в области строительства и инфраструктуры во Вьетнаме) в качестве справочного материала по вопросам ценообразования. И последнее, но не менее важное: в этом исследовании мы смогли решить некоторые спорные вопросы, связанные с ценообразованием и передачей товарных знаков в различных компаниях из производственного сектора, изготовления в сектор строительства, недвижимости и торговли в развивающихся странах, таких как Вьетнам, по крайней мере, в отношении определений, концепций и правовой базы.Ключевые слова: Активы интеллектуальной собственности; Услуги по ценообразованию товарных знаков; Закон; Метод оценки; Вьетнам
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Sutton, Paul, Sophia Duncan, and Sharolyn Anderson. "Valuing Our National Parks: An Ecological Economics Perspective." Land 8, no. 4 (March 29, 2019): 54. http://dx.doi.org/10.3390/land8040054.
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The annual budget for the United States National Park Service was roughly $3 billion in 2016. This is distributed amongst 405 National Parks, 23 national scenic and historic trails, and 60 wild and scenic rivers. Entrance fees and concessions generate millions of dollars in income for the National Park Service; however, this metric fails to account for the total value of the National Parks. In failing to consider the value of the ecosystem services provided by the National Parks, we fail to quantify and appreciate the contributions our parks make to society. This oversight allows us to continue to underfund a valuable part of our natural capital and consequently damage our supporting environment, national heritage, monetary economy, and many of our diverse cultures. We explore a simple benefits transfer valuation of the United States’ national parks using National Land Cover Data from 2011 and ecosystem service values determined by Costanza et al. This produces an estimate suggesting the parks provide $98 billion/year in ecosystem service value. If the natural infrastructure ‘asset’ that is our national park system had a budget comparable to a piece of commercial real estate of this value, the annual budget of the National Park Service would be roughly an order of magnitude larger at something closer to $30 billion rather than $3 billion.
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Tsatsulin, Alexander. "Measuring the Value of the Assets of the Monument Building When Assessing the Insured Value of an Object." Baltic Journal of Real Estate Economics and Construction Management 6, no. 1 (December 1, 2018): 253–71. http://dx.doi.org/10.2478/bjreecm-2018-0019.
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Abstract The forthcoming transfer of St. Isaac’s Cathedral in St. Petersburg being a UNESCO World Heritage Site to the Russian Orthodox Church ignites a heated debate within the Russian society. The cathedral being part of the State Museum Complex stands out as a pearl of the world’s iconic architecture. Furthermore, it is the second most visited museum after the Hermitage, boasts an outstanding exhibition potential, and it regularly hosts church services and ritual events. Museum collections exceed twenty-four thousand items of storage, and they continue to be replenished with found rarities and newly restored objects with the status of a relic to be protected. The aim of the article is to measure the value of the assets of the monument building, assessing the insured value of the object. Uncertainty of the future use of the disputed object, however, allows us to consider the calculation capabilities and methodical tools of valuation activities to measure the market and insurance value of such a real estate object and land plot, for example, in order to practice damage compensation and transfer the object from the balance sheet of one owner to balance of another owner. The latter circumstance determines the main discourse of this study. The present article is devoted to questions of an expert estimation of the insured value of the object of research in the form of St. Isaac’s Cathedral. The article is a continuation of a series of previously published works by the author.
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Fisher, Jeffrey D. "Valuation of Real Estate." ICFA Continuing Education Series 1989, no. 1 (January 1989): 17–23. http://dx.doi.org/10.2469/cp.v1989.n1.4.
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LAY FRICS, R. N. "REAL ESTATE PORTFOLIO VALUATION." Journal of Valuation 6, no. 3 (March 1988): 214–30. http://dx.doi.org/10.1108/eb008026.
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d’Amato, Maurizio, and Paola Amoruso. "International Real Estate Review." International Real Estate Review 21, no. 1 (March 31, 2018): 113–43. http://dx.doi.org/10.53383/100257.
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Whilst the property market shows cyclical behaviours, opinions of value based on income approaches assume that there is stable or perpetually growing (or decreasing) income without considering the effects of the property market cycle on leasing contracts. The paper therefore focuses on the application of a valuation method for income producing properties which have a value that is affected by the upturns and downturns of property market cycles. Continuing from the previous works in this area (d¡¦Amato, 2003, d¡¦Amato, 2013; d¡¦Amato, 2015) the income approach method here is applied to the office market in four areas of London. In applying this valuation method, property valuation and time series analysis are integrated. The work provides a general introduction on cyclical capitalization as another family of valuation methodologies based on the income approach and then an application of cyclical capitalization to areas of London which highlight their strength and weakness.
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Cheung, Simon K. C. "International Real Estate Review." International Real Estate Review 20, no. 2 (June 30, 2017): 221–50. http://dx.doi.org/10.53383/100242.
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A special type of spatial dependence model has been developed for the valuation of residential property by using a Bayesian approach which takes into account the unique attributes of Hong Kong property. Inspired by an approach that bases transactions on nearest neighbor estimation, the current model has fine-tuned the spatial dependence method of deriving value from the transactions of the real estate closest in proximity by factoring in differences in structural and auxiliary attributes for more precise property valuation. The model is established on a dataset that covers all residential real estate transactions in a new town in Hong Kong during a given period of time. This model excels other valuation methods with its unique reference to attribute differences, which may impact the valuation results of properties in close vicinity. With this calibration method, we hope to improve the accuracy of real estate appraisals, thus enabling potential homeowners, lenders and investors to make better informed decisions.
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Lusht, Kenneth M. "Real Estate Valuation and Appraisal." Real Estate Economics 14, no. 2 (June 1986): 175–78. http://dx.doi.org/10.1111/1540-6229.00381.
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Miltz, David, Jean‐Yves de Vel, and Thibaud Dedier. "Valuation of Real Estate Certificates." Journal of Property Valuation and Investment 11, no. 4 (April 1993): 315–26. http://dx.doi.org/10.1108/eum0000000003309.
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Seiler, Michael J. "International Real Estate Review." International Real Estate Review 17, no. 2 (August 31, 2014): 137–56. http://dx.doi.org/10.53383/100182.
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This study uses a behavioral approach to measure the impact of a partial eminent domain land taking (which affects easement rights and causes proximity damage) on residential property values. Existing appraisal methods are not suited to handle this type of unique valuation impact determination, yet diminution must be determined by the courts to establish proper "just compensation". To accomplish the quantification of damages, an experimental design is implemented that allows the market to voice its opinion of valuation impact through a mechanism other than direct comparable sales. Moreover, this behavioral methodology can and should be used in a number of additional real estate valuation applications.
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Wei, Xing, and Xian Mei. "Poly Real Estate Value Evaluation Research." Applied Mechanics and Materials 687-691 (November 2014): 5075–79. http://dx.doi.org/10.4028/www.scientific.net/amm.687-691.5075.
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This paper made valuation research on poly real estate by combining the actual situation of poly real estate and special factors affecting real estate industry assessment, using relative valuation method p/e ratio method and price-to-book ratio method, and discount cash flow method in absolute valuation method respectively. Three methods valuation results have little difference from the actual price, and are in line with the actual situation. By contrast, two methods valuation results are slightly lower than the actual price, which means that poly still has a certain rise space. From overall analysis, discount cash flow method is more rational comparing with valuation method.
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Birkeland, Kristoffer B., Allan D. D’Silva, Roland Füss, and Are Oust. "International Real Estate Review." International Real Estate Review 24, no. 2 (June 30, 2021): 139–83. http://dx.doi.org/10.53383/100319.
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We develop an automated valuation model (AVM) for the residential real estate market by leveraging stacked generalization and a comparable market analysis. Specifically, we combine four novel ensemble learning methods with a repeat sales method and tailor the data selection for each value estimate. We calibrate and evaluate the model for the residential real estate market in Oslo by producing out-of-sample estimates for the value of 1,979 dwellings sold in the first quarter of 2018. Our novel approach of using stacked generalization achieves a median absolute percentage error of 5.4%, and more than 96% of the dwellings are estimated within 20% of their actual sales price. A comparison of the valuation accuracy of our AVM to that of the local estate agents in Oslo generally demonstrates its viability as a valuation tool. However, in stable market phases, the machine falls short of human capability.
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Simons, Robert A., Jesse Saginor, Aly H. Karam, and Hlengani Baloyi. "International Real Estate Review." International Real Estate Review 11, no. 2 (December 31, 2008): 75–104. http://dx.doi.org/10.53383/100098.
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This study reports the results of a contingent valuation (CV) survey that was carried out in Johannesburg, South Africa. Students at Wits University conducted more than 300 face-to-face interviews with Africans living and/or working in Soweto, an African township located on the outskirts of Johannesburg, and nearby areas. The questions they asked were designed to determine the perceptions of risk regarding airborne mine dust and radon, a naturally occurring gas, and the effect that these perceptions had on the valuation of residential properties impacted by these substances. A probit model was used to evaluate the determinants of bidder behavior, using respondent demographics and other characteristics as independent variables. Residential property discounts for potentially contaminated housing sites by marginal bidders at the top of the market varied from -24% to -50%. Research issues in developing countries were addressed. Contingent valuation results in South Africa were compared to published results in the United States.
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d’Amato, Maurizio. "International Real Estate Review." International Real Estate Review 10, no. 2 (December 31, 2007): 42–65. http://dx.doi.org/10.53383/100083.
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This paper focuses on the problem of applying rough set theory to mass appraisal. This methodology was first introduced by a Polish mathematician, and has been applied recently as an automated valuation methodology by the author. The method allows the appraiser to estimate a property without defining econometric modeling, although it does not give any quantitative estimation of marginal prices. In a previous paper by the author, data were organized into classes prior to the valuation process, allowing for the if-then, or right “rule” for each property class to be defined. In that work, the relationship between property and class of valued was said to be dichotomic.
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Hui, Sam K., Alvin Cheung, and Jimmy Pang. "International Real Estate Review." International Real Estate Review 13, no. 1 (April 30, 2010): 1–29. http://dx.doi.org/10.53383/100117.
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We have developed a statistical method for the valuation of residential properties using a hierarchical Bayesian approach, which takes into consideration the unique structure of the Hong Kong property market. Our model is calibrated on a dataset that covers all residential real estate transactions in ten major Hong Kong residential complexes from February 2008 to February 2009. Although parsimonious, our model outperforms other valuation methods that are based on average price-per-square- feet or expert assessments. By providing our model-based valuations online without charge, we hope to improve transparency in the Hong Kong housing market, thus enabling consumers to make better investment decisions.
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Yang, Jian Ping, and Qing Bai. "Research of Real Estate Appraisal Based on GIS Technology." Advanced Materials Research 859 (December 2013): 562–65. http://dx.doi.org/10.4028/www.scientific.net/amr.859.562.
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With the continuous development of the real estate industry, the real estate valuation business volume increasing coverage, valuation of more extensive, therefore it has become increasingly difficult. This article mainly from the characteristics of the real estate valuation and the existing problems, study of the geographic information system (GIS) is applied to real estate evaluation system of the necessity and feasibility, and puts forward the main function of the GIS system of real estate appraisal module.
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Ulbl, Melita, and Andrej Glavica. "Modeling procedure within the mass valuation of real estate in Slovenia." Geodetski vestnik 66, no. 02 (June 2022): 258–79. http://dx.doi.org/10.15292/geodetski-vestnik.2022.02.258-279.
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The mass valuation of real estate in Slovenia is based on valuation models, which are made based on realised real estate market data and illustrate the functioning of the real estate market. The system is based on valuation models that simulate the behaviour of the real estate market and allow a statistically reliable assessment of market value. Models are formed using statistical methods of processing real estate market data. This paper presents the quality verification process and preparation of real estate market data. These data are used to design evaluation models or modelling, which consists of time adjustment of prices or rents, zoning, levelling, calibration, and analysis of quality parameters. Finally, the critical information of the modelling process made in the context of real estate mass valuation in Slovenia is summarised.
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Bitner, Agnieszka, Karol Król, Małgorzata Frosik, and Mateusz Furczoń. "Ecological Considerations in Real Estate Valuation." Journal of Ecological Engineering 21, no. 5 (July 1, 2020): 47–55. http://dx.doi.org/10.12911/22998993/122193.
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Czernkowski, Robert M. J. "Expert systems in real estate valuation." Journal of Valuation 8, no. 4 (April 1990): 376–93. http://dx.doi.org/10.1108/eum0000000003292.
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Šnajberg, Oxana. "Valuation of Real Estate with Easement." Procedia Economics and Finance 25 (2015): 420–27. http://dx.doi.org/10.1016/s2212-5671(15)00753-4.
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Cohen, Jeffrey P., and Michael LaCour-Little. "New Perspectives on Real Estate Valuation." Journal of Real Estate Finance and Economics 60, no. 1-2 (November 9, 2019): 1–2. http://dx.doi.org/10.1007/s11146-019-09736-6.
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Mitrović, Dušan. "Real estate mass-valuation system applications." Geodetski vestnik 54, no. 02 (2010): 228–41. http://dx.doi.org/10.15292/geodetski-vestnik.2010.02.228-241.
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Ghysels, Eric, Alberto Plazzi, and Rossen Valkanov. "Valuation in US Commercial Real Estate." European Financial Management 13, no. 3 (June 2007): 472–97. http://dx.doi.org/10.1111/j.1468-036x.2007.00369.x.
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Simons, Robert A., and Jesse Saginor. "International Real Estate Review." International Real Estate Review 13, no. 2 (August 31, 2010): 134–56. http://dx.doi.org/10.53383/100123.
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This research evaluates the effect of leaking underground storage tanks (LUSTs) from gas stations on nearby commercial property when the existing data is incomplete or imperfect. While methodologies such as hedonic regression may be preferred for evaluating the effects of LUSTs on property values, the rigorous data requirements of these methodologies often cannot be met. Contingent valuation analysis is one method that enables estimation of losses when the data available is incomplete. A contingent valuation analysis of real estate professionals in South Carolina and Ohio provides estimates of commercial property losses, which ranges from 0-40%, depending on environmental conditions and proximity to the source. This research has developed a methodology for estimating real estate property value losses when data requirements cannot be fulfilled based on the best available data.
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Sadchenko, Oleksandr, and Oleksandr Shevchenko. "CLASSIFICATIONS OF JUDICIAL COMPANY EXPERTISE." Criminalistics and Forensics, no. 67 (August 9, 2022): 596–606. http://dx.doi.org/10.33994/kndise.2022.67.61.
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The analysis of the practice of using special commodity knowledge shows that for research at the present level it is necessary to develop theoretical problems, among which the classification of forensic examinations is relevant. The authors offer their own classification of forensic examinations on various grounds. 1. According to the degree of generalization, subordination, forensic examinations should be divided into: class, genera, species and subspecies. Class: commodity examinations. Types: a) commodity examination of food products; b) commodity examination of non-food products; c) commodity examination of works and services. Types (subspecies): a) commodity examination of food products is divided into: – examination of goods of plant origin; – examination of goods of animal origin; – examination of goods of mixed origin. b) commodity examination of non-food (industrial) goods is divided into: – examination of consumer goods (consumer goods); – transport and commodity examination (auto commodity; examination of military vehicles; examination of vessels; examination of aircraft); – examination of machines, equipment, raw materials (examination of military property, machinery and weapons); – examination of real estate, real estate (examination of integral property complexes; examination of buildings; expert monetary valuation of land plots (shares)); – examination of cultural values; – examination of objects of painting and applied arts (examination of objects of painting and graphics; examination of sculpture; examination of objects of folk crafts; examination of objects of table setting, etc.); – examination of watches; – examination of securities goods; – examination of goods of property rights to intellectual property (examination of audiovisual products and software); – examination of clothing (examination of knitwear; examination of garments; examination of textiles; examination of fur products; examination of leather products; examination of outerwear, etc.); – examination of fur products; – examination of perfumery and cosmetics; – examination of shoes; – examination of haberdashery (examination of leather haberdashery); – examination of household appliances (examination of photo, radio and video equipment; examination of computers; examination of household electric lighting, etc.); – examination of furniture products; – examination of facilities (livestock, poultry and other live animals); – examination of goods of the construction group; – examination of printed products (examination of books and printing products, etc.); – examination of jewelry (examination of articles of precious metals; examination of articles of precious stones); – examination of stationery; – examination of medical equipment; c) commodity examination of services. 2. Classification of forensic commodity examinations by type of problem to be solved: – commodity examination, to solve classification problems (determination (establishment) of compliance: commodity characteristics of the studied objects with basic data (registers, etc.), data of similar products, marking data recorded on labels or tags, belonging to the same type or article); – commodity examination, to solve diagnostic problems (establishment: the presence of defects and their impact on product quality; compliance (non-compliance) of quality characteristics of products with standard and reference requirements; factual data related to compliance (non-compliance) with the rules of packaging, labeling, storage, transportation, rejection, revaluation and reduction of the price of goods). 3. Classification of forensic commodity examinations by type of object under study: – commodity examination, the objects of research of which are directly only products (commodity origin); – commodity examination, the objects of research of which are only documents (they reflect the state of the goods, the processes that took place with it, commodity transactions, etc.) (circulating name– “examination of documents”); – commodity examination, the objects of study of which are mixed objects (products; samples of products; documents which reflect information about the peculiarities of the origin of goods (certificates, quality certificates, technical passports, labels, etc.), freight (shipping) documents, acceptance or warehouse documents, claim materials, etc.). Key words: forensic examination, classification of forensic examinations, special commodity knowledge, commodity specialist, examination of food and non-food products.
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Biasin, Massimo, and Anna Grazia Quaranta. "International Real Estate Review." International Real Estate Review 13, no. 3 (December 31, 2010): 282–322. http://dx.doi.org/10.53383/100129.
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In contrast to the US experience, most international (European) real estate investments trusts (REITs) are subject to prudential regulation. This paper investigates the effects of prudential regulation on capital structures and consequently, the REIT share values of major legal and market constraints (i.e. leverage limitations, market discount on net asset value (NAV), tax controls) that affect non-US REITs. Italian market data are used for an empirical analysis. Our hypothesis is that in a constrained environment, the effects on share price significantly depend on the adopted valuation perspective, i.e. if shares are valued by following a NAV or a financial approach. The logic for this hypothesis is that the two valuation methodologies perceive leverage and implied financial risk differently. In particular, we argue that NAV valuation techniques incentivise REITs to maximize leverage regardless of the financial theory which indicates a contrasting impact of debt on the market value of shares. Differences in financial risk perception could also partially explain market price discounts on NAVs.The empirical results seem to support these expectations. Almost all Italian REITs tend to increase debt ratios over time. NAV discounts are significantly related to leverage. The discount effect is largely attributable to NAV increases that result from rising debt levels. On the contrary, share market prices tend to be independent from leverage. The latter result may indicate that the classic capital theory applies and current debt ratios do not imply bankruptcy risk. The results have significant policy implications in terms of an optimal regulatory design.
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Durica, Marek, Danuse Guttenova, Ludovit Pinda, and Lucia Svabova. "Sustainable Value of Investment in Real Estate: Real Options Approach." Sustainability 10, no. 12 (December 7, 2018): 4665. http://dx.doi.org/10.3390/su10124665.
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The issue of application of real option valuation approach in the valuation of investment project is presented in the article in a way in which the flexibility of the project could be included in the process of its valuation. The authors apply the valuation approach in case of a specific investment project in the real estate in the capital city of the Czech Republic—Prague, using the option to expand, to contract, and to abandon the project. The main aim of this case study is to present a practical application of the investment valuation and to construct an option pricing model for real estate investment which considers and integrates as many aspects of the investment and market environment as possible to describe the best situation of the real estate market and its development. The valuation of the investment is carried out using a universally applicable numerical method of binomial trees. The results obtained are subjected to the sensitivity analysis with respect to the discount rate, value of the most influential parameter of the volatility and the input option parameters. The results of the valuation of the project obtained using the real option approach are important mainly for the management of the company in the process of quantification of the present value of future investments. Implementation of managerial interventions enables for optimizing the value of the project not only in case of favourable development of the real estate market, but particularly in case of unfavourable development. Therefore, they are important in order to protect an investor from potential high losses. Finally, the valuation of these interventions increases the present value of the project, contributing to the decision of the corporate management regarding its implementation.
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Cartern, Charles C., and William J. Haloupek. "International Real Estate Review." International Real Estate Review 3, no. 1 (June 30, 2000): 34–48. http://dx.doi.org/10.53383/100020.
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This paper describes and applies the weighted least squares (WLS) technique that corrects for spatial autocorrelation in the residuals of hedonic regressions. Most empirical studies to date have focused on spatial autocorrelation in the housing market, i.e., single family home valuation. This study focuses on mall stores within shopping centers, with an emphasis on retail site selection within the mall.
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Burada, Cristian Oliviu, and Traian Cristian Demetrescu. "Historical Real Estate Valuation by Cost Approach." Applied Mechanics and Materials 880 (March 2018): 371–76. http://dx.doi.org/10.4028/www.scientific.net/amm.880.371.
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Compared to modern buildings, historical real estate features features that give them a special status: the architectural style of the epoch, the old materials or the built-in building methods, the high rehabilitation costs or the legal restrictions on their intervention. Therefore, in evaluating a historical real estate property, evaluators need to undertake additional, sometimes atypical, steps compared to assessing a modern property. Assessing a historical real estate property by cost has particularities that distinguish it from the assessment of a modern building.
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Čirjevskis, Andrejs. "Value Maximizing Decisions in the Real Estate Market: Real Options Valuation Approach." Journal of Risk and Financial Management 14, no. 6 (June 19, 2021): 278. http://dx.doi.org/10.3390/jrfm14060278.
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The real estate market of EU countries has undergone a severe global financial crisis 2008–2009, recovered successfully later, and now experiencing significant uncertainty due to the COVID-19 pandemic event. Significant volatility of the real estate business is once again evident, just as it was following the global financial crisis. The paper aims to provide a case study of a real estate project by giving insight into the Latvian real estate project that had been experiencing similar economic uncertainty, to demonstrate hybrid real options valuation (ROV) method to adapt real estate investments to changing circumstances and to develop the decision-making solution to similar EU real estate problems during the pandemic. The paper provides the “step-by-step” ROV application’s methodology in real estate development projects. The presented methodology is a powerful managerial risk management tool for the executives of similar real estate development projects in the EU countries struggling to make investment decisions in the pandemic and post-pandemic period. Since any estimation includes assumptions, ROV results should be interpreted and perceived as approximations only. The future works can provide robust ROV analyses and interpretations regarding the demand for real estate, showing quantitatively how competition can impact strategic investment decisions.
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Cole, Henry. "Marketing Real Estate Services." Services Marketing Quarterly 25, no. 2 (December 22, 2003): 43–53. http://dx.doi.org/10.1300/j396v25n02_04.
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KRULICKÝ, TOMÁŠ, and MAREK VOCHOZKA. "MODIFICATION OF THE COMPARATIVE VALUATION METHOD FOR VALUATION OF A SET OF REAL ESTATE WITH AN INSUFFICIENTLY LARGE BATTERY OF COMPARABLE PROPERTY." AD ALTA: 11/01 11, no. 1 (June 30, 2021): 150–56. http://dx.doi.org/10.33543/1101150156.
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The aim of this paper is to present a suggestion for the modification possibility of a selected valuation method which can be used to value real estate in case it is not possible to find a sufficiently large battery of comparable real estate to determine the estimate of the market price. The modification of the selected valuation method consists in the double use of correction coefficients in the creation process of the so-called standardized unit of thought which serves as an intermediary in the valuation of specific real estate. Based on the results achieved by the application, it was concluded that such a modified valuation method can be used to estimate the market price of a set of real estate more quickly and efficiently.
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Lipscomb, Clifford, Max Kummerow, Will Spiess, Sarah Kilpatrick, and John Kilpatrick. "CONTINGENT VALUATION AND REAL ESTATE DAMAGE ESTIMATION." Journal of Real Estate Literature 19, no. 2 (January 1, 2011): 283–305. http://dx.doi.org/10.1080/10835547.2011.12090303.
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